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Premium Components offered by Shriram Life New Shri Vidya
The premium components of the Shriram Life New Shri Vidya consist of five main components under the plan:
Shriram Life New Shri Vidya offers coverage against the risk of premature demise during the policy tenure. This risk is called mortality risk, and the premium paid for covering the risk is called the mortality premium.
If the life insured survives the policy tenure, Shriram Life New Shri Vidya acts as a money-back policy and pays 25% of the sum assured in the last four years while the bonuses are paid on maturity.
There are three additional riders available under the plan. If you choose any rider, an additional premium will be required for them. The riders and their benefits are explained below -
Accident Benefit Rider
- This rider covers accidental death or permanent total disablement due to an accident. In either of these events, 100% of the rider sum assured is paid. Moreover, if the insured becomes permanently disabled, future premiums are waived.
Shriram Life Critical Illness Plus Rider
- This rider covers 24 major illnesses. If the life insured suffers from any of these illnesses and survives for 30 days post-diagnosis, a lump sum rider benefit is paid.
Shriram Extra Insurance Cover Rider
- This rider pays a dual benefit if the life insured passes away during the policy tenure.
If an additional risk is assessed, an additional premium might be charged. For instance, existing illnesses, not paying the premium annually, etc.
Shriram Life New Shri Vidya allows premium savings due to rebates if the sum assured is ₹5 lakhs or higher.